Circle on Cavill shopping centre in Surfers Paradise on Gold Coast sells to Macau casino boss Loi Keong Kuong for $61.8M

A Gold Coast shopping centre has sold to a Macau casino boss who also owns another popular retail precinct.

MACAU casino boss Loi Keong Kuong has followed his $90 million purchase of the Soul retail precinct by picking up the Circle on Cavill shopping centre for $61.8 million.

Real estate fund manager EG acquired the property in a receivership deal in 2011.

The sale settled yesterday.

“We are very pleased with this result and also to see evidence that transactions of high quality real estate are still completing in this cautionary environment” EG fund manager Daniel Farley said in a statement.

The Circle on Cavill shopping centre in Surfers Paradise has sold

The Woolworths-anchored Surfers Paradise commercial precinct hit the market in late 2018 after undergoing a $13 million refurbishment program.

The centre, which has a WALE (weighted average lease expiry) of 6.6 years, has more than 12,364sq m of net lettable area including office space.

Some tenants were forced to leave the centre, including real estate agency Colliers, after flooding, but are understood to be returning.

The deal was brokered by JLL’s Jacob Swan and Sam Hatcher and

McVay Real Estate’s Dan McVay and Sam McVay.

Mr Kuong made headlines after buying the Soul Boardwalk retail centre at the base of the $850 million Soul tower at Surfers Paradise, for $90 million in June 2018.